Arizona Silver Exploration Inc. Announces Closing of Non-Brokered Private Placement
TSX VENTURE: AZS
Vancouver, British Columbia / TheNewswire / November 20, 2018 - Arizona Silver Exploration Inc. (the "Company" or "Arizona Silver") (TSX-V: AZS) (OTCQB: AZASF) is pleased to announce that, it has closed a non-brokered private placement (the "Private Placement") of 2,898,075 common shares (the "Shares") at a price of $0.08 per Share raising total gross proceeds of $231,846.
Insiders of the Company subscribed for a total of 1,387,500 Shares, with Greg Hahn, President, CEO and a director of the Company, subscribing for 375,000 Shares; Mike Stark, Chairman and a director of the Company, subscribing for 375,000 Shares; Dong H. Shim, CFO of the Company, subscribing for 137,500 Shares, and Scott Hean, a director of the Company, subscribing for 500,000 Shares. As a result, the Private Placement is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101")). The Company relied upon the "Issuer Not Listed on Specified Markets" and "Fair Market Value Not More Than $2,500,000" exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.
The Company plans to use the proceeds of the private placement for further exploration of the Ramsey Silver Mine in La Paz County & Sycamore Canyon property in Graham County, both in Arizona and for general working capital purposes.
All securities issued are subject to a four-month hold period.
On behalf of the Board of Directors:
ARIZONA SILVER EXPLORATION INC.
Greg Hahn, President and CEO
Contact: Mike Stark, Chairman and Director
Phone: (604) 833-4278
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.